Zhuo (Joe) Zhong

Assistant Professor (Senior Lecturer in Australia)

Department of Finance, Faculty of Business & Economics

The University of Melbourne

Email: zhuo.zhong@unimelb.edu.au

Curriculum Vitae


Research Interests

Market Microstructure; Asset Pricing Theory; Network Economics



1.     “Reducing Opacity in Over-the-Counter Markets,” Journal of Financial Markets, 2016, 27: 1-27.

(Theory) A competitive centralized market incentivizes dealers in OTC markets to reduce opacity, whereas a non-competitive centralized market does the opposite.

  • 8th Annual Central Bank Workshop on Microstructure of the Financial Market

Working Papers

1.     “The Risk Sharing Benefit versus the Collateral Cost: The Formation of the Inter-Dealer Network in Over-the-Counter Trading” 

(Theory) Dealers balance their risk-sharing benefits with collateral costs from trading to endogenously determine the inter-dealer trading network in OTC markets.

  • AFA 2016
  • WFA 2015, EFA 2015
  • NBER Market Microstructure Meeting 2014, FIRN 2014, Eastern Finance Associate Meeting 2014
  • FMA 2013

2.     “Relative Tick Size and the Trading Environment,” with Maureen O’Hara and Gideon Saar

(Empirical) In a one-tick spread environment, a larger relative tick size results in greater depth and more volume; in a multi-tick environment, the opposite outcome prevails.

  • WFA 2016 (scheduled), CICF 2016 (scheduled)
  • CIFR 2015, Cambridge Workshop on Microstructure Theory and Application 2015

3.     “Pre-Trade Transparency in Over-the-CounterMarkets,” with Fan Chen

(Empirical) Bonds that are able to trade on the NYSE (where pre-trade information is available) have smaller transaction costs than those cannot.

  • Best Paper Award of the 5th Behavioral Finance and Capital Markets Conference
  • BFCM 2015
  • CICF 2010

Work in Progress

1.     "Inverted Fee Venues and Market Quality," with Carole Comerton-Forde and Vincent Grégoire